Hot-rolled coil inventories dip at slower rates from a week ago

SHANGHAI, May 3 (SMM) – Overall hot-rolled coil inventories in China, as of Thursday May 3, dropped 1.8% from a week ago and 22.9% from a year ago to register at 3.24 million mt, SMM data showed.

The total figure includes social inventories and inventories at mills 11 weeks after Chinese New Year. The overall week-on-week decline marked the ninth consecutive week of decline but was smaller than the drop a week ago.

Social inventories of hot-rolled coil shrank 2.3% on the week and 27.2% on the year, to stood at 2.28 million mt. Inventories across mills declined 0.6% from a week ago and 10.6% from a year ago, and stood at 964,700 mt.

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